Mortgage Updates

On Friday, the rates for mortgages increased slightly. Currently, the rate for 30-year fixed is at 4.94%, compared to 4.83% last week and 3.94% last year, which is still significantly higher than it used to be, and 10 basis points higher than last week’s rates.

For 30-year fixed mortgages at these current rates, you’ll be paying about $533 in principal and interest for every $100,000 borrowed, which is slightly worse than last week. Comparing with last year, you will make approximately $60 monthly more in mortgage payment for every $100,000 borrowed.

For 15-year fixed mortgages, the rate is 10 basis points more than last week’s at 4.33%.

The 5-1 Hybrid ARM looks the best, and is now at 4.14 percent. If you will not be holding the property for the long term, you will pay the least monthly payment by choosing this type of mortgage product.

As for the 5-1 ARMs, they’re not the most orthodox types of mortgages. They represent a 5-1 Hybrid, and that means that they begin your mortgage with 5 years of a fixed rate followed by an annual changing of adjustable rates. This means that the rates change per year after the first five, and judging by the current rates of rise, this plan may be actually great for this current phase in the market, as the rates will probably drop eventually.

This licensee is performing acts for which a real estate license is required. C2 Financial Corporation is licensed by the California Bureau of Real Estate, Broker # 01821025; NMLS # 135622. Loan approval is not guaranteed and is subject to lender review of information. Loan is only approved when lender has issued approval in writing. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. C2 Financial Corporation is an Equal Opportunity Mortgage Broker/Lender.

C2 Financial Corporation is approved to originate VA and FHA loans, and has the ability to broker such loans to VA and FHA approved lenders. C2 Financial Corporation is not acting on behalf of or at the direction of HUD/FHA or the VA.

C2 Financial Corporation is approved by FHA as an agent and has the ability to broker FHA loans to FHA Approved Lenders. Or C2 Financial Corporation is approved to originate VA loans, and has the ability to broker such loans to VA approved lenders. C2 Financial Corporation is not acting on behalf of or at the direction of HUD/FHA or the VA.

The services referred to herein are not available to persons located outside the state of California.